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What will be the market reaction to the Senate's decision on SAB 121?
5
SEC•Staff Accounting Bulletin 121•Joint Resolution 109•Democratic•Wiley Nickel•Biden•House•Senate•Gary Gensler•Congress
Resolution / Starting Odds
Significant positive impact on crypto market • 33%
Significant negative impact on crypto market • 33%
No significant impact on crypto market • 34%
Financial market data and analysis from major financial news outlets.
Story
Senate to Vote at 10 AM on Overturning SEC's Controversial SAB 121 Crypto Rule
May 15, 2024, 07:51 PM
The U.S. Senate is set to vote on a resolution to overturn the SEC's controversial Staff Accounting Bulletin 121 (SAB 121), which discourages financial institutions from being custodians of digital assets. The resolution, known as Joint Resolution 109, has garnered significant bipartisan support, with sources indicating sufficient Democratic backing for its passage. Representative Wiley Nickel has been vocal in his opposition to SAB 121, calling it a political football that forces President Biden to choose sides on the issue. The bill passed the House last week with notable bipartisan support, and the Senate vote is expected to take place today at 10 AM. SEC Chair Gary Gensler has faced criticism for the rule, which was issued without proper consultation with the respective regulatory agencies or Congress. If passed, this would mark a significant pushback against the SEC's approach to crypto regulation.
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Positive market reaction • 33%
Negative market reaction • 33%
Neutral or no significant reaction • 34%
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No significant change • 25%
Market decline • 25%
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Oppose new bill • 25%
Implement internal changes • 25%
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Yes, major cryptocurrencies gain in value • 50%
No, major cryptocurrencies do not gain in value • 50%
Positive reaction in crypto markets • 33%
Negative reaction in crypto markets • 33%
No significant change in market dynamics • 34%
Significant positive impact on crypto market • 33%
No significant impact • 33%
Significant negative impact on crypto market • 34%
Positive market reaction • 33%
Negative market reaction • 33%
No significant change • 34%
Significant positive impact • 33%
No significant impact • 34%
Significant negative impact • 33%
Introduce more crypto-friendly legislation • 33%
Increase regulatory scrutiny on cryptocurrencies • 33%
Maintain current stance without significant changes • 34%
Increase • 50%
Decrease • 50%
Significant drop in Coinbase stock • 33%
Minor impact on Coinbase stock • 33%
No impact on Coinbase stock • 34%
Significant market growth • 33%
Market stability • 33%
Market decline • 34%